BANCFIRST CORPORATION REPORTS FIRST QUARTER EARNINGS
BancFirst Corporation (NASDAQ GS:BANF) reported net income of $56.1 million, or $1.67 per diluted share, for the first quarter of 2025 compared to net income of $50.3 million, or $1.50 per diluted share, for the first quarter of 2024.
The Company’s net interest income for the three-months ended March 31, 2025 increased to $115.9 million compared to $106.1 million for the same period in 2024. Higher loan volume along with general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was unchanged at 3.70% for both the first quarter of 2025 and 2024. The Company recorded a provision for credit losses of $1.6 million in the first quarter of 2025 compared to $4.0 million for the first quarter of 2024.
Noninterest income for the quarter totaled $49.0 million compared to $44.9 million last year. Trust revenue, treasury income, sweep fees and insurance commissions each increased when compared to first quarter last year.
Noninterest expense grew to $92.2 million for the quarter-ended March 31, 2025 compared to $82.8 million in the same quarter in 2024. The Company recorded a $4.4 million expense related to the disposition of certain equity investments no longer permissible under the Volcker rule which prohibits banks with more than $10 billion in assets from holding certain private equity investments. Additionally, the increase in noninterest expense was augmented by growth in salaries and employee benefits of $3.1 million.
At March 31, 2025, the Company’s total assets were $14.0 billion, an increase of $483.7 million from December 31, 2024. Loans grew $69.6 million from December 31, 2024, totaling $8.1 billion at March 31, 2025. Deposits totaled $12.1 billion, an increase of $408.2 million from year-end 2024. Sweep accounts totaled $5.5 billion at March 31, 2025, up $324.6 million from December 31, 2024. The Company’s total stockholders’ equity was $1.7 billion, an increase of $51.6 million from the end of 2024.
Nonaccrual loans totaled $56.4 million, representing 0.70% of total loans at March 31, 2025, down slightly from 0.72% at year-end 2024. The allowance for credit losses to total loans was 1.24% at March 31, 2025, unchanged from December 31, 2024. Net charge-offs were $503,000 for the quarter compared to $3.5 million for the first quarter last year.
BancFirst Corporation CEO David Harlow commented, “The Company continues to perform fundamentally well; however, the current bond and equity market volatility presents a unique backdrop. The ultimate impact on our region’s economy, our customers and, thus, credit quality remains to be seen. We are cautious in our outlook for the remainder of the year with the likelihood of an economic slowdown increasing and, as a result, our reserve for credit losses as a percentage of loans is unchanged from year-end 2024.”
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 104 banking locations serving 59 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, and Worthington Bank, a Texas state-chartered bank with three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.
The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business
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matters. Forward-looking statements include estimates and give management’s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
For additional information call:
Hannah Andrus, Chief Financial Officer at (405) 218-4174 or
David Harlow, Chief Executive Officer at (405) 270-1082.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2025
2024
2024
2024
2024
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
1st Qtr
Condensed Income Statements:
Net interest income
$
115,949
$
115,917
$
114,957
$
109,896
$
106,104
Provision for (benefit from) credit losses
1,586
(1,400
)
3,031
3,358
4,015
Noninterest income:
Trust revenue
5,539
5,551
5,672
5,490
5,088
Service charges on deposits
16,804
18,133
17,723
17,280
16,428
Securities transactions
(333
)
355
(308
)
317
(267
)
Sales of loans
636
731
721
733
491
Insurance commissions
10,410
7,914
9,391
6,668
9,455
Cash management
10,051
9,221
9,189
9,149
8,651
Other
5,787
5,114
6,324
4,307
5,054
Total noninterest income
48,894
47,019
48,712
43,944
44,900
Noninterest expense:
Salaries and employee benefits
54,593
54,327
54,215
51,928
51,528
Occupancy expense, net
5,753
5,977
5,776
5,233
5,206
Depreciation
4,808
4,593
4,482
4,504
4,556
Amortization of intangible assets
886
887
886
887
886
Data processing services
2,892
2,726
2,720
2,696
2,616
Net expense from other real estate owned
2,658
6,446
2,751
1,656
2,202
Marketing and business promotion
2,461
2,719
2,168
2,246
2,256
Deposit insurance
1,725
1,653
1,645
1,614
1,438
Other
16,403
13,007
12,091
14,552
12,091
Total noninterest expense
92,179
92,335
86,734
85,316
82,779
Income before income taxes
71,078
72,001
73,904
65,166
64,210
Income tax expense
14,966
15,525
15,001
14,525
13,876
Net income
$
56,112
$
56,476
$
58,903
$
50,641
$
50,334
Per Common Share Data:
Net income-basic
$
1.69
$
1.71
$
1.78
$
1.53
$
1.53
Net income-diluted
1.67
1.68
1.75
1.51
1.50
Cash dividends declared
0.46
0.46
0.46
0.43
0.43
Common shares outstanding
33,241,564
33,216,519
33,122,689
33,022,124
32,966,678
Average common shares outstanding -
Basic
33,130,938
33,172,530
33,097,164
33,001,180
32,947,983
Diluted
33,667,023
33,750,993
33,646,549
33,525,061
33,513,412
Performance Ratios:
Return on average assets
1.66
%
1.67
%
1.80
%
1.61
%
1.63
%
Return on average stockholders’ equity
13.85
14.04
15.14
13.72
13.96
Net interest margin
3.70
3.68
3.78
3.76
3.70
Efficiency ratio
55.92
56.67
52.99
55.46
54.82
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BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2025
2024
2024
2024
2024
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
1st Qtr
Balance Sheet Data:
Total assets
$
14,038,055
$
13,554,314
$
13,313,482
$
12,737,318
$
12,602,425
Interest-bearing deposits with banks
3,706,328
3,315,932
2,743,578
2,299,019
2,341,604
Debt securities
1,167,441
1,211,754
1,376,913
1,441,365
1,534,651
Total loans
8,102,810
8,033,183
8,188,202
8,054,856
7,787,857
Allowance for credit losses
(100,455
)
(99,497
)
(101,882
)
(99,626
)
(97,267
)
Noninterest-bearing demand deposits
4,027,797
3,907,060
3,858,670
3,815,818
3,849,807
Money market and interest-bearing checking deposits
5,393,995
5,231,327
5,122,457
4,930,853
4,901,081
Savings deposits
1,174,685
1,110,020
1,082,855
1,084,266
1,076,181
Time deposits
1,530,273
1,470,139
1,410,370
1,184,665
1,082,552
Total deposits
12,126,750
11,718,546
11,474,352
11,015,602
10,909,621
Stockholders' equity
1,672,827
1,621,187
1,584,575
1,512,492
1,469,312
Book value per common share
50.32
48.81
47.84
45.80
44.57
Tangible book value per common share (non-GAAP)(1)
44.47
42.92
41.91
39.83
38.56
Balance Sheet Ratios:
Average loans to deposits
68.08
%
69.63
%
72.27
%
72.25
%
71.97
%
Average earning assets to total assets
93.10
93.14
93.02
92.77
92.67
Average stockholders' equity to average assets
12.00
11.87
11.88
11.71
11.65
Asset Quality Data:
Past due loans
$
5,120
$
7,739
$
4,628
$
4,280
$
6,332
Nonaccrual loans (3)
56,371
57,984
45,481
44,021
41,996
Other real estate owned and repossessed assets
35,542
33,665
39,519
38,497
35,116
Nonaccrual loans to total loans
0.70
%
0.72
%
0.56
%
0.55
%
0.54
%
Allowance to total loans
1.24
1.24
1.24
1.24
1.25
Allowance to nonaccrual loans
178.20
171.59
224.01
226.32
231.61
Net charge-offs to average loans
0.01
0.01
0.01
0.01
0.05
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$
1,672,827
$
1,621,187
$
1,584,575
$
1,512,492
$
1,469,312
Less goodwill
182,263
182,263
182,263
182,263
182,263
Less intangible assets, net
12,272
13,158
14,045
14,931
15,818
Tangible stockholders’ equity (non-GAAP)
$
1,478,292
$
1,425,766
$
1,388,267
$
1,315,298
$
1,271,231
Common shares outstanding
33,241,564
33,216,519
33,122,689
33,022,124
32,966,678
Tangible book value per common share (non-GAAP)
$
44.47
$
42.92
$
41.91
$
39.83
$
38.56
(1) Refer to the “Reconciliation of Tangible Book Value per Common Share (non-GAAP)” Table.
(2) Tangible book value per common share is stockholders’ equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately $9.2 million of nonaccrual loans at March 31, 2025.
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BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
March 31, 2025
Interest
Average
Average
Income/
Yield/
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$
8,050,816
$
137,178
6.91
%
Securities – taxable
1,195,306
7,006
2.38
Securities – tax exempt
2,192
22
4.13
Interest bearing deposits with banks and FFS
3,492,467
38,468
4.47
Total earning assets
12,740,781
182,674
5.81
Nonearning assets:
Cash and due from banks
214,859
Interest receivable and other assets
828,449
Allowance for credit losses
(99,703
)
Total nonearning assets
943,605
Total assets
$
13,684,386
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
